Company & Market profiles, Exclusive interviews, Opinion pieces and AUM rankings can be found exclusively for Subscribers.

View Special Reports

Data

Exclusive data compiled by our expert analysts on major trends in the sector.

View Data

Subscriber Editions

Read the latest subscriber edition, as well as our archives, including in-depth features, comments, exclusive research and guest articles.

View Subscriber Editions

People Moves

The latest hires and moves in the sector.

View People Moves

Fintrack Editions

Every month, FinTrack will showcase the latest innovations from financial providers around the world. Each innovation is assessed and rated on key criteria, to assist with identifying, tracking & understanding key innovation globally.

MAS to form dedicated departments to fight money laundering

MAS in a press statement said that the Anti-Money Laundering (AML) Department will streamline the enforcement of regulations relating to money laundering and other illicit financing risks.

Additionally, a supervisory team will be set up to monitor these risks and carry out onsite supervision of how financial institutions manage these risks, it added.

These functions are currently carried out by different departments in MAS. The new department will be effective from 1 August 2016.

MAS said that a new Enforcement Department will also be established to centralise and strengthen the bank’s enforcement functions. It will jointly investigate capital markets misconduct offences with the Commercial Affairs Department.

Additionally, it will be responsible for enforcement actions arising from regulatory breaches of MAS’ banking, insurance and capital markets regulations.

"We will strengthen our supervision of financial institutions’ controls to combat money laundering and illicit financing. And we will enhance our enforcement capability to deter poor controls or criminal behaviour in the industry."